Moving to (and buying in) London - do we need a London-based Mortgage Broker?

ag1

My wife and I are planning to purchase a property in London, although we currently live in Bristol. We have been using a Bristol-based Independent Mortgage Broker and have just been approved for a ‘Decision in Principle’ from NatWest.

I was having a telephone conversation with an estate agent yesterday, who expressed horror that we weren’t using a Mortgage Broker based in London. She then proceeded to refer us to one that ‘she strongly recommends’ with huge amounts of enthusiasm. Before I knew it she’d connected my call to them and I was speaking to their sales department.

The whole thing seemed to me like someone angling for commission, or a referral fee. I can completely appreciate the fast-pace of the London property market, and have heard many stories of sales falling through as the banks took too long to do all their checks, but my question is a simple one:

What can a London-based Mortgage Broker offer me that one based outside of London cannot?

Also, as a side-note - our broker who has got us the Decision In Principle from NatWest has assured us that they do not give out certificates for AIPs/DIPs, and if an estate agent asks for one, or wants proof that we’ve been approved, they should contact him directly.. Is this standard practice?

Many thanks

Let_Us_See

No. Life does exist outside London.

No doubt she had a referral target to meet or looking for a introducer fee.

ACG

Use whoever you want.

It has no baring on the job whether they are based in London or Bristol. I have clients in the south, midlands, north east, north west (where i live) and one or 2 in Scotland.

Theyre just after getting the commission.

ag1

Thanks to both of you. I suspected as much.. We're new to the property game and really trying to take in as much as possible!

Does anyone know if it's usual for NatWest not to issue a Certificate to prove a Decision In Principle?

Senior_Paper_Monitor

There are a number of lenders who do not hand out the pretty little DIP certificate thingy - including Natwest

kingstreet

I usually post the response from the NatWest website into an email, FWIW.

Leon_W

And I use the screenshot grabbing "Snipping Tool" in Windows for lenders who will only give me an onscreen response.

amnblog

and I tell estate agents to grow up